Natural Gas Refueling Stations Market: Current Analysis and Forecast (2023-2030)

Report Description

Global Natural gas refueling stations market is expected to grow at a significant rate of around 5% during the forecast period. Natural gas is a clean and affordable alternative to fossil fuels such as diesel, gasoline, and fuel oil. It is used in vehicles in compressed or liquefied form. The growing population is using CNG & LNG vehicles around the world and various government policies are also focused on having lesser carbon emissions from vehicles. With increasing carbon footprint, government across the globe is concentrating more on greener fuels like natural gas, to reduce dependency on petroleum products, to have a low energy cost, and to control the rising air pollution. This resulting in the high demand across the globe to accelerate the use of natural gas applications is expected to create an opportunity for the refueling infrastructure to grow in the future. Therefore, natural gas is an excellent alternative to conventional fuels, because it reduces carbon dioxide emissions and fuel costs, which is advantageous to the environment.

PARKER HANNIFIN CORP; ENGIE; Honeywell International Inc.; Clean Energy Fuels; BAUER COMPRESSORS, INC; Chicago Pneumatic; Dover Fueling Solutions; Siemens; Aerotecnica Coltri Spa; Atlas Copco AB are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst type, compressed natural gas types are expected to grow with a significant CAGR during the forecasted period”

Based on type, the market is bifurcated into compressed natural gas and liquefied natural gas. Compressed natural gas types are expected to grow with a significant CAGR during the forecasted period. CNG is considered a cleaner-burning fuel compared to conventional fossil fuels, producing lower levels of nitrogen oxides, particulate matter, and carbon monoxide. Making it an attractive option for customers looking to reduce their environmental impact. Additionally, CNG is generally cheaper than traditional fossil fuels, which results in significant cost savings for customers over time. Moreover, CNG vehicles require less maintenance than those running on fossil fuels, which can also contribute to cost savings. Thus, such factors lead to the high demand for Compressed natural gas which in turn increases the market demand for natural gas refueling stations.

“Amongst application, automotive segment has the highest market share, and it will boost the market share in the forecast period”

Based on application, the market is categorized into automotive, aerospace, and other. The automotive segment has the highest market share, and it will boost the market share in the forecast period. This is mainly due to the increasing popularity of natural gas in vehicles. The growing demand for transportation necessitates the development of a variety of cars, fuels, and natural gas fuels to not only satisfy the demand but also reduce emissions. A natural gas-powered engine can offer an alternative to gasoline or diesel that is more environmentally friendly. With natural gas filling stations, natural gas can be used to fuel vehicles including passenger cars, buses, trucks, and trains. Thus, such factors are leading to the high demand for natural gas refueling stations across the globe.

Natural Gas Refueling Stations Market Report Coverage

“Asia Pacific is anticipated to grow at a substantial CAGR during the forecast period”

APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the high need for reliable and affordable sources of energy. Natural gas is seen as a cleaner and more efficient alternative to traditional fossil fuels, making it an attractive option for power generation and transportation. Additionally, the region currently has a presence of nearly 19 million natural gas vehicles. With the increasing population of natural gas vehicles in the region, especially in China and India, on account of the initiative to lower the emission of carbon from vehicles, natural gas stations are expected to grow during the forecast period. Furthermore, India is committed to continuously improving the policy and regulatory environment to support the development and make cleaner and sustainable fuel accessible and available to the public at large. For instance, in August 2022, Shri Hardeep Singh Puri, Minister of Petroleum and Natural Gas & Housing and Urban Affairs inaugurated CNG stations and LCNG stations at Hebbal, Mysuru.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global natural gas refueling stations market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Natural Gas Refueling Stations Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global natural gas refueling stations market were the three major steps undertaken to create and analyze the adoption of natural gas refueling stations market in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global natural gas refueling stations market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the natural gas refueling stations market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the natural gas refueling stations market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type and application. Further country-level analyses were conducted to evaluate the overall adoption in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the natural gas refueling stations market. Further, we conducted factor analysis using dependent and independent variables such as clean and affordable, increasing use in the transportation sector, etc. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the natural gas refueling stations market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the natural gas refueling stations market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the natural gas refueling stations market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global natural gas refueling stations market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the natural gas refueling stations market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and application in the global natural gas refueling stations market.

The main objective of the Global Natural gas refueling stations Market Study

The current & future market trends of the global natural gas refueling stations market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the natural gas refueling stations market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type and application.
• Define and analysis of the regulatory framework for the natural gas refueling stations industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the natural gas refueling stations market for the major region.
• Major countries of regions studied in the report include North America, Europe, Asia Pacific, and the Rest of the World.
• Company profiles of the natural gas refueling stations market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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